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The Logic of the Market: An Insider's View of Chinese Economic Reform

First published in China in 2010, where it became a bestselling academic title, The Logic of the Market is a collection of well-known economist Zhang Weiying’s most influential essays on Chinese economic reforms. Considered China’s “leading market liberalist,” the author offers a unique perspective on the market economy, implementation of free-market economic policies, and the potential for Chinese economic development. He describes the market economy as “…humanity’s greatest creation. It provides the best rules of the game for human progress,” and he believes it exemplifies the old Chinese proverb: “benefit yourself by benefiting others.”

The author believes that only the institutional arrangements of “private property, unhampered prices, enterprises, entrepreneurs, and profit” guarantee that in a market economy, “enriching oneself at the expense of others cannot be done.” In fact, he argues, it is this logic of the market that has led to China’s recent unprecedented economic progress and prosperity.

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The Logic of the Market: An Insider's View of Chinese Economic Reform

First published in China in 2010, where it became a bestselling academic title, The Logic of the Market is a collection of well-known economist Zhang Weiying’s most influential essays on Chinese economic reforms. Considered China’s “leading market liberalist,” the author offers a unique perspective on the market economy, implementation of free-market economic policies, and the potential for Chinese economic development. He describes the market economy as “…humanity’s greatest creation. It provides the best rules of the game for human progress,” and he believes it exemplifies the old Chinese proverb: “benefit yourself by benefiting others.”

The author believes that only the institutional arrangements of “private property, unhampered prices, enterprises, entrepreneurs, and profit” guarantee that in a market economy, “enriching oneself at the expense of others cannot be done.” In fact, he argues, it is this logic of the market that has led to China’s recent unprecedented economic progress and prosperity.

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The Logic of the Market: An Insider's View of Chinese Economic Reform

The Logic of the Market: An Insider's View of Chinese Economic Reform

The Logic of the Market: An Insider's View of Chinese Economic Reform
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The Logic of the Market: An Insider's View of Chinese Economic Reform

The Logic of the Market: An Insider's View of Chinese Economic Reform

Overview

First published in China in 2010, where it became a bestselling academic title, The Logic of the Market is a collection of well-known economist Zhang Weiying’s most influential essays on Chinese economic reforms. Considered China’s “leading market liberalist,” the author offers a unique perspective on the market economy, implementation of free-market economic policies, and the potential for Chinese economic development. He describes the market economy as “…humanity’s greatest creation. It provides the best rules of the game for human progress,” and he believes it exemplifies the old Chinese proverb: “benefit yourself by benefiting others.”

The author believes that only the institutional arrangements of “private property, unhampered prices, enterprises, entrepreneurs, and profit” guarantee that in a market economy, “enriching oneself at the expense of others cannot be done.” In fact, he argues, it is this logic of the market that has led to China’s recent unprecedented economic progress and prosperity.

Product Details

ISBN-13: 9781939709592
Publisher: Cato Institute
Publication date: 01/07/2015
Edition description: Translatio
Pages: 284
Product dimensions: 6.00(w) x 9.00(h) x 1.50(d)

About the Author

Weiying Zhang is a prominent Chinese economist and is Professor of Economics and director of the Center for Market and Network Economy of Peking University. He was formerly head of the Guanghua School of Management at Beijing University.

Table of Contents

Preface to the English Edition xi

Preface to the Second Chinese Edition xv

Preface to the First Chinese Edition xvii

Introduction: The Logic of the Market and China's Reforms 1

Part 1 The Nature of the Market 19

1 Understanding and Safeguarding the Market Economy 21

2 Profits and Corporate Social Responsibility 43

3 Is State Ownership Consistent with a Market Economy? The Chinese Experience 59

4 The Anti-Competition Nature of the Anti-Monopoly Law 81

5 Liberalize Commercial Activity 87

6 Good Policy and Bad Policy 93

7 The Market and Morality 101

Part 2 The Logic of China's Reform

8 Rational Thinking on China's Reforms 115

9 China's Gradual Reform: A Historical Perspective 137

10 Property Rights Reform, the Rise of Entrepreneurs, and China's Economic Development 157

11 China's State-Owned Enterprise Reform: A Corporate Governance Perspective 199

12 China's Price Reform 235

13 Market Reforms and Income Distribution 283

Part 3 The Origins of the Financial Crisis 299

14 Understanding the Crisis is More Important than Reacting to It 301

15 The Economy is Not a Single Product of GDP 315

16 Financial Crises and the Development of Economics 329

Part 4 The Prospect of China's Future

17 Taking the Pulse of Future Chinese Economic Growth and Systemic Reform 339

Notes 367

Index 397

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